Bajaj Finance inches up amid volatility after strong Q3 numbers
Bajaj Finance rose 0.55% to Rs 1555.90 at 13:06 IST on BSE after net profit surged 21% to Rs 194 crore on 31% growth in total income to Rs 1082 crore in Q3 December 2013 over Q3 December 2012.
The Q3 result was announced during trading hours today, 15 January 2014.
Meanwhile, the S&P BSE Sensex was up 155.19 points or 0.74% at 21,188.07.
On BSE, so far 7,128 shares were traded in the counter as against average daily volume of 4,070 shares in the past one quarter.
The stock was volatile. The stock rose as much as 1.46% at the day's high of Rs 1,570 so far during the day. The stock lost as much as 1.03% at the day's low of Rs 1,531.35 so far during the day. The stock had hit a record high of Rs 1,612.20 on 1 January 2014. The stock had hit a 52-week low of Rs 965.50 on 29 August 2013.
The stock had outperformed the market over the past one month till 14 January 2014, advancing 4.71% compared with the Sensex's 1.53% rise. The scrip had also outperformed the market in past one quarter, jumping 19.67% as against Sensex's 2.06% rise.
The mid-cap company has equity capital of Rs 50.14 crore. Face value per share is Rs 10.
Bajaj Finance said that without the accelerated provisioning of Rs 21 crore in Q3 December 2013 made to strengthen the company's provisioning framework, the profit after tax (PAT) would have been at Rs 208 crore in Q3 December 2013, a YoY growth of 30%.
Bajaj Finance's net interest income (NII) jumped 33% to Rs 672 crore in Q3 December 2013 over Q3 December 2012.
The company's loan losses and provisions rose 55% to Rs 79 crore in Q3 December 2013 over Q3 December 2012. Without the accelerated provisioning of Rs 21 crore, the increase in loan losses for Q3 December 2013 would have been 14% YoY, Bajaj Finance said in a statement.
Gross non-performing assets (NPAs) ratio stood at 1.15% as on 31 December 2013. Net NPA ratio stood at 0.23% as on 31 December 2013. The provisioning coverage ratio stood at 80% as at 31 December 2013. Bajaj Finance said it continues to provide for loan losses in excess of RBI requirements.
Capital Adequacy Ratio (CAR) (including Tier-II capital) stood at 19.53% as on 31 December 2013. The company continues to be well capitalized to support its growth trajectory, Bajaj Finance said in a statement.
The company's total assets under management (AUM) rose 33% to Rs 22461 crore as on 31 December 2013, from Rs 16844 crore as on 31 December 2012.
Bajaj Finance offers secured and unsecured loan. The company provides two-and-three wheeler loan, consumer durable loan, personal loans, loan against property, small business loans, construction equipment loan and loan against securities.
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